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The price millennials are willing to pay for an engagement ring

The average price couples spent on engagement rings in 2018 was $5,000, the same amount they shelled out in 2017 and 2016, data from WeddingWire shows. The wedding-services marketplace surveys approximately 18,000 newlyweds in the US each year to predict future trends in the industry.

While the cost of a ring has remained the same, couples have become more flexible in terms of the stone they choose, with 71% picking a diamond as the main stone, compared to 74% in 2017. In 2016, this question wasn’t included in the survey.

Half of all couples prefer to purchase their ring from a brick-and-mortar store, with 20% choosing the ring together. The main factor that determines which business a couple chooses to buy from is price, followed by reviews. Most couples would prefer to purchase from a business with both negative and positive reviews than from one that has no reviews at all, the survey found. Online photos of the merchandise were also important.

When it comes to the proposal, the data found that December is the most popular month, with Christmas being the number-one day for getting engaged. However, half of those doing the proposing purchase the ring more than two months before they pop the question.

On average, a couple will spend about $29,200 on a wedding ceremony and reception. That includes an average of $1,900 on wedding rings, and $300 for non-ring jewelry.

Millennials are also the best advertisers for a brand, with 52% sending photos of their ring to friends and family, and 64% posting pictures on social-media sites, the survey noted.

“Today’s millennial couples are opting to make their engagement a highly shared experience,” WeddingWire notes. “And even if the moment is a private one (nearly one in three engagements take place at home), the reality is a picture, story, view of the ring — or all the above — will be shared on social media for all to see within a few hours.” Source – www.diamonds.net Rapaport

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